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Land Trust

A Land Trust offers you, as an owner of property, a unique package of benefits that lets you enjoy all the advantages of ownership without some of the complexities. A Land Trust at First Midwest Bank makes real estate ownership simple. Here's how:

Makes ownership a private matter.

Reduces probate expenses by designating the percentage of ownership left to each successor beneficiary, bypassing the probate process.

Allows you to use your signature alone for property documents, eliminating the need to have other joint owners sign on deeds, mortgages, leases, and other required documents.

Reduces joint ownership risks such as faulty titles due to insanity, divorce, or co-owner's death.

Reduces the paperwork associated with real estate sales, making the transfer of title a simple procedure.

Avoids ancillary probate for out-of-state owners.

Allows you to take tax deductions1 as a beneficiary. If you are a beneficiary of a Land Trust, you may receive a prorated portion of any allowed depreciation.

Allows ownership interest to be assigned. You may use the equity as collateral for borrowing purposes.

Contact a First Midwest Wealth Management Officer2 today if you would like to find out more about how our Land Trust services make managing real estate simple and easy.